Renovated Six-Unit Apartment
1565 70th Street Brooklyn, NY 11228
1565 70th Street, Brooklyn, NY, 11228
$1,988,000
For Sale
$1,988,000
MULTI_FAMILY - Brooklyn, NY
Property Size4,680 SF
Lot Size0.05 Acres
Price / SF$424.79
Days on Market24
Property Features for 1565 70th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- R5
- Bedrooms
- 18
- Bathrooms
- 7
- Rooms
- Bedroom 2, Bedroom 8, Bathroom 3, Bedroom 6, Bathroom 5, Bedroom 14, Bedroom 17, Bedroom 11, Bedroom 12, Bathroom 6, Bedroom 7, Bedroom 3, Bedroom 15, Bathroom 4, Bedroom 9, Bathroom 1, Bedroom 4, Bedroom 5, Bedroom 13, Bedroom 10, Bathroom 7, Bathroom 2, Bedroom 18, Bedroom 1, Bedroom 16
- Interior features
- Stove
- Basement
- Full, Finished
- Standard status
- Active
- Size
- 4,680 SF
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 20768
Building Details
- Year built
- 1926
- Floors in Building
- 3
- Number of units
- 6
- Flooring type
- Tile, Hardwood
- Building materials
- Brick
- Roof type
- Flat
Listing Agency
Tiger Realty
(917) 708-9966
1484 86th Street, Brooklyn, NY
Listed by
Emily Hui Chen-Liang
(917) 708-9966
Added: Jun 23 Checked: Jul 16 at 8:06 pm
MLS# 502527
Listing URL
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated six-unit apartment building was fully gutted in 2011 and reconfigured with updated unit interiors. Improvements include structural steel beam reinforcement, all new plumbing and sewer lines, a fully updated electrical system, new windows, a new metal staircase, and refreshed kitchens, bathrooms, and flooring throughout. The building includes two units with three bedrooms and one living room, plus four additional three-bedroom apartments with large eat-in kitchens. Separate heating and hot water systems are provided for each unit, supporting straightforward long-term maintenance. The basement is currently rented as storage and can be delivered vacant at closing.
The property is zoned R5 and sits on a 0.0459-acre site. Total existing configuration includes the six residential units and a basement storage arrangement, with current rental income reported as $13,626 per month including basement income.
For investors and owner-operators, the combination of extensive 2011 renovation work, unit-by-unit heating and hot water, and a basement storage component makes this an income-producing multifamily asset with established operating expense history. Reported annual operating expenses are approximately $32,093, including property taxes, water and sewer, insurance, and electricity, supporting an indicated annual net operating income of approximately $131,419.
The property is zoned R5 and sits on a 0.0459-acre site. Total existing configuration includes the six residential units and a basement storage arrangement, with current rental income reported as $13,626 per month including basement income.
For investors and owner-operators, the combination of extensive 2011 renovation work, unit-by-unit heating and hot water, and a basement storage component makes this an income-producing multifamily asset with established operating expense history. Reported annual operating expenses are approximately $32,093, including property taxes, water and sewer, insurance, and electricity, supporting an indicated annual net operating income of approximately $131,419.
Key Highlights
- 6‑family residential property with 6 total units plus a basement currently rented as storage
- Complete gut renovation completed in 2011: new plumbing and sewer lines, updated electrical, and all new windows
- Renovation included structural steel beam reinforcement and a new metal staircase, with apartment reconfiguration
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $265.1k | $56.64 |
| − Vacancy | −$5.3k | −$1.13 |
| EGI | $259.8k | $55.51 |
| − OpEx | −$116.9k | −$24.98 |
| NOI | $142.9k | $30.53 |
4,680 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.79M – $2.38M
NOI $142,876 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.88M
$3.39M – $4.52M
NOI $271,253 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated six-unit multifamily property with separate heating and hot water systems per unit and a basement storage rental.
Where is this apartment building located?
The property is located at 1565 70th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: 6‑family residential property with 6 total units plus a basement currently rented as storage; Complete gut renovation completed in 2011: new plumbing and sewer lines, updated electrical, and all new windows; Renovation included structural steel beam reinforcement and a new metal staircase, with apartment reconfiguration
